Featured Article What is the RRSP Deduction Limit? An RRSP is a great way to save for your retirement. However, the Canadian government does put a limit on how much you can contribute and deduct from your taxable income. March 25, 2022
LIRA vs RRSP: what’s the difference? Let’s start with the similarities. A Locked-In Retirement Account (LIRA) and a Registered Retirement Savings Plan (RRSP) are both investment vehicles that help you save for... Read more
What happens to an RRSP when you die Nobody wants to consider their own death, but it’s important to plan carefully so that your family is not hit by a huge tax bill. Read on to learn more about what happens... Read more
How are Registered Retirement Income Fund (RRIF) withdrawals taxed? Some Canadians are shocked when they realize that they must pay tax when they retire and start withdrawing money from their RRIF. However, it’s only fair. When you put funds... Read more
Can you transfer an RRSP to a TFSA? You certainly can transfer stocks and other investments from your RRSP to a TFSA. However, there may be tax implications. So, the big question: Is it a good idea? Also in... Read more
What is an Individual Pension Plan (IPP) and how does it work? An Individual Pension Plan is a form of retirement account that can be set up by business owners and incorporated professionals, such as doctors and dentists. While it is... Read more
How to withdraw from an RRSP without paying tax When you deposit funds into a Registered Retirement Savings Plan (RRSP), you receive a tax credit that reduces the amount of income tax payable. That’s the good news. The bad... Read more
What happens if I over contribute to my RRSP? Registered Retirement Savings Plan (RRSP)s are a great savings tool because they provide you with a tax deduction to reduce your income tax payable. Like all great things,... Read more
How does an RRSP deduction work? RRSPs are a Canadian government program to encourage people to save for their retirement. When you contribute to your RRSP, you can deduct the amount from your taxable income... Read more
RRSP Contribution: Everything You Need To Know Registered Retirement Savings Plans (RRSPs) are a great way to save for your golden years and at the same time avoid paying taxes. Every working person should take advantage... Read more
Is RRSP Home Buyers Plan (HBP) worth it? It’s challenging for first-time home buyers to save for a down payment that’s large enough to avoid mortgage insurance requirements and keep debt at a manageable level.... Read more